The Government of Maharashtra last week has released a notification for a new policy for reconstruction or redevelopment of unsafe and dilapidated buildings. The notification says that builders redeveloping tenant-occupied properties in the suburbs and extended suburbs will receive 50% incentive floor space index( FSI). If required the FSI for rehabilitating existing tenants is 4, the developer will get an additional FSI of 2 for the free sale component.
Reacting to the same, please Mr.Rahul Shah, CEO, Sumer Group, said, “The government’s move to give 50% additional incentive FSI in Mumbai is a very welcome step for tenants. This will release more living space in a crunched city like Mumbai and will inspire developers to undertake more redevelopment projects so that the recent tragedy by way of building collapses are averted.’’
It may be mentioned here that Sumer Group, is a leading Mumbai-headquartered real estate developer. Sumer Group, founded by Shri Sumermalji H Shah in 1965, has 30 million square feet of land under development across Mumbai, Alibaug, Indore, Pavana and Goa. The company has been involved in significant landmark projects across these locations. Sumer was established with a vision to build landmarks where people can build the milestones of their lives. It is this vision that has seen us become one of the leading real estate developers based out of Mumbai.